Presented by IOA.
There’s a number of questions that often arrive with the word insurance.
Namely, “Why do I need this?” And “How do I find what’s best for me?”
Locking down the best coverage can feel like an impossible task when you’re not exactly the foremost authority on the matter.
That’s where companies like IOA come in. They do the scouting and heavy lifting for you, making it faster and easier than ever to protect the things you value most. Simply put, they take care of the essentials so you can focus on your dreams. And they do it well enough that even the three-time Stanley Cup champs go to IOA for coverage.
But what exactly distinguishes them from the rest of the pack? How far does their reach go in the vast, convoluted world of insurance? We got with Josh Sprague, Risk Management Consultant at IOA, to get down to it.
What separates IOA from your competitors?
Josh Sprague: The insurance industry has dramatically changed over the last decade. This is a result of a large number of acquisitions made for profit by Wall Street & private equity backed business models. What was once an industry lead by local agencies focused on client satisfaction, is now a feeding ground for profit seeking conglomerates. In 2023, most independent insurance agencies are actually far from independent and client service decisions are made from the top down. IOA operates differently and subsequently has an edge in today’s brokerage arena with agent lead decision making. IOA is the fourth largest privately held independent agency in the United States and our clients see a greater benefit when it comes to hands on service. We’re able to treat our clients differently because we don’t have to answer to quarterly earnings calls where EBITDA is the sole focus. We don’t worry about our balance sheet on a quarter-to-quarter basis. When we make a decision that makes sense for our clients and our organization, we’re able to uniquely stay the course regardless of what it does to our immediate EBITDA profile. This allows the client to remain in an environment where their business is heavily valued and they’re treated with care and precision.
Does IOA have unique strengths and weaknesses that distinguish your firm in the broker marketplace?
Aside from our unique private model, IOA has developed a proprietary risk assessment process called RiskScore, which is much like a credit score but it measures risk factors that could lead to workplace accidents. RiskScore provides intelligence to our clients so they are able to learn about their risks and mitigate factors affecting their business. Designed with the assistance of underwriting teams across the country, RiskScore implementation results lower risk and lower premiums. We’ve been a part of many success stories where our clients have gone from worst to first in safety and risk management with the help of RiskScore. Much like a perfect FICO credit score, a perfect RiskScore is an 850. IOA’s RiskScore is prime tool for businesses truly want to become best in class in risk management.
Your Value Proposition is “We focus on your risk so you can focus on your dreams.” How does that translate to working with an organization as big as the Tampa Bay Lightning? How does that translate to the everyday individual?
Every business owner or leader wants success for their organization. One might say that is their dream and they work hard to make that dream come true. Whether you’re the CEO of a large organization like the Tampa Bay Lightning or the owner of a small company who enjoys coming to the games, you want the ability to focus on the business and its vision, not on risk management and insurance coverage. That’s where we come in.
Reiterating on our firm’s model, as a privately held agency, no client is too big or too small for IOA. We have teams aligned with both the needs of individual personal lines customers, small businesses, as well as alignment with the needs of a fortune 500 company with robust loss control, claims service, and alternative risk transfer program design needs. Our services don’t stop at the transaction of buying insurance—that is important to us. We believe that there is much greater value we can deliver to our customers in the areas of regulatory agency reporting and compliance, unique safety deliverables, and dedicated claims service to hold the insurance company accountable when our clients need their insurance partners most.
Which coverages are most important living in the Tampa Bay area?
Regardless of where our clients are located, each and every client has unique needs. We oftentimes come across two clients in the same industry that have small differences in their operations that make a big difference in their risk profile and, thus, have varying coverage needs. For customers with large appetites for retained risk, we’re able to provide solutions that help them meet their goals with large deductible programs, self-insurance, or captive insurance programs. We have other customers that want to transfer as much of their risk as possible to the insurance companies, and for these clients, we provide first-dollar coverage. The relationships we build with our customers help us understand their needs and act accordingly.
What do you base your recommendations on?
Our recommendations are based on a number of things but, most often, the client’s business operations and the exposures we identify therein. We often leverage technology for industry specific data and analytics. Ultimately, the client’s operation and their distinct appetite for risk remains our largest benchmark.
Why is it important to work with IOA?
At IOA, our agents are in an extremely favorable environment when it comes to servicing clients. Many of our competitors compensate their agents at a much higher rate in the first year when the sale is made, and then, once the client is on board and renews their policy with said competitors, the agent who has been trusted to steer the ship has their compensation along with their incentive to service and renew the client significantly lowered. We don’t think that’s right, especially because the client pays equally towards service each year.
At IOA, our agents have an equity position in their books of business and are paid the same commission for new business as they are for renewals each. Because of these unique incentives, our client retention is far greater than the industry average. With a vested interest in client success & retention, our agents are propelled to focus on their clients’ businesses long term and to build lasting relationships.